GBP/USD Holds Steady Around 1.267 Within Familiar Wedge
GBP/USD continues to hover around the 1.267 level, trading within a familiar range marked by the wedge pattern on the chart.
Despite recovering and moving above the EMA 34 and EMA 89 levels, the pair has yet to produce a strong breakout in either direction. Instead, it remains in a tug-of-war between buyers and sellers, resulting in modest and stable price fluctuations.
The U.S. Bureau of Labor Statistics (BLS) is set to release revisions for Q3 Unit Labor Costs. The market expects the data to remain unchanged at 1.9%. If the BLS revises the figure higher, it could trigger a positive market reaction for the USD and apply pressure on GBP/USD. Conversely, a downward revision could have the opposite effect on the pair's movement.
However, investors may prefer to wait for the release of the U.S. Consumer Price Index (CPI) data for November on Wednesday before taking significant positions. Until then, risk sentiment could influence USD valuation. If U.S. equities continue to decline after the market opens, the USD may maintain its strength, making it challenging for GBP/USD to attract buyers.
Despite recovering and moving above the EMA 34 and EMA 89 levels, the pair has yet to produce a strong breakout in either direction. Instead, it remains in a tug-of-war between buyers and sellers, resulting in modest and stable price fluctuations.
The U.S. Bureau of Labor Statistics (BLS) is set to release revisions for Q3 Unit Labor Costs. The market expects the data to remain unchanged at 1.9%. If the BLS revises the figure higher, it could trigger a positive market reaction for the USD and apply pressure on GBP/USD. Conversely, a downward revision could have the opposite effect on the pair's movement.
However, investors may prefer to wait for the release of the U.S. Consumer Price Index (CPI) data for November on Wednesday before taking significant positions. Until then, risk sentiment could influence USD valuation. If U.S. equities continue to decline after the market opens, the USD may maintain its strength, making it challenging for GBP/USD to attract buyers.
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